ThreatFabric, an Amsterdam based cybersecurity firm specializing in fraud detection and prevention solutions, has raised an impressive $12.5 million in a funding round. The company recently announced the significant milestone in its growth trajectory and aims at further developing its cutting-edge fraud detection technology. The investment not only validates ThreatFabric’s innovative approach but also underscores the growing importance of cybersecurity in today’s digital landscape.
ThreatFabric provides a software-as-a-service (SaaS) solution to the financial services sector, enabling banks and financial institutions to gain comprehensive fraud visibility across both web and mobile channels. The company was founded by Han Sahin and Yorick Koster, who have over two decades of experience in fighting cyber fraud.
ThreatFabric CEO Han Sahin said that the new capital raised in the seed round will be used “for further expansion and to extend our Fraud Risk Suite platform focused on new proactive fraud controls. For example, with behavior-based location intelligence and behavioral biometrics that use advanced AI models that forecast potential fraudsters’ online footprint inside payment journeys.”
The Fraud Analyst
ThreatFabric’s flagship product, “The Fraud Analyst,” combines advanced machine learning algorithms, behavioral analysis, and threat intelligence to provide real-time detection and prevention of fraudulent activities. The platform helps organizations identify and respond to a wide range of fraud, including account takeover attacks, identity theft, and mobile banking malware. By leveraging data-driven insights and constantly evolving threat intelligence, ThreatFabric empowers businesses to stay one step ahead of cybercriminals.
The fresh funding injection will enable ThreatFabric to accelerate its product development and enhance its fraud detection capabilities. The company plans to allocate resources towards expanding its research and development efforts, strengthening its engineering team, and investing in cutting-edge technologies.
“Best-in-class fraud detection technology is required to understand the ever-changing landscape of fraud vectors and threat actors in the digital financial services sector,” Motive Ventures Partner and Head of Portfolio Management Michael Hock explained. “ThreatFabric’s team impressed us with their deep domain expertise and their sticky product suite, which detects new and imminent threats tailored to digital banks and payments services.”
Embracing a Secure Future
The cybersecurity landscape has witnessed a series of significant developments in recent times, highlighting the critical importance of staying vigilant in the face of evolving threats. With the proliferation of digital technologies and the increasing interconnectedness of our world, cybercriminals are constantly devising new tactics to exploit vulnerabilities and compromise sensitive information.
The battle against online fraud has become a lot more complex with continuous data breaches and the availability of AI driven tools aiding syntactic IDs in the hands of fraudsters. A UK Finance report highlights the annual increase in online fraud numbers and reveals that fraud remains a significant threat to both individuals and businesses in the UK, with losses of £1.2 billion reported in the first half of 2022. This marks a 71% increase compared to the same period in 2021. Online fraud does not show any signs of slowing down, with the bank’s clients as the most vulnerable part of the chain.
ThreatFabric’s software can positively contribute to this fraud epidemic by helping its clients – banks and financial institutions – protect their end-users from fraud and malware by using different protection layers, such as on-device malware detection and behavioral analytics.
As ThreatFabric secures substantial funding to further enhance its fraud detection capabilities, it sets a positive precedent for the cybersecurity industry as a whole. The fight against cyber threats requires collective efforts, collaboration, and innovation. By harnessing the power of technology, knowledge sharing, and a proactive mindset, we can forge a safer digital future and protect the integrity and trust that underpins our increasingly interconnected world.
